Banking channel required to enhance Pak – Russia bilateral trade

The National Chambers of Pakistan and Russia emphasized the need to enhance banking channel between both the countries to multiply existing trade volumes and unfold the untapped avenues and potential of both the countries. This was agreed upon in a meeting between Syed Mazhar Ali Nasir, Senior Vice President, FPCCI and his counterpart Mr. Sergey N. Katyrin and Vice President, Chamber of Commerce and Industry of the Russian Federation at Moscow, Russia.

It was also agreed in the meeting that the existing trade relations are not upto the desired level mainly due to lack of interaction of the business communities of both the countries. Russia having rich experience in the field of industrial infrastructure and abandon natural resources can provide its expertise to Pakistan for the improvement of the sectors like infrastructure development, energy, oil and natural gas, rail and road network, meat and dairy processing industries in Pakistan. Russia can also supply heavy electrical equipment and assembly of sub power stations to Pakistan and Pakistan can meet their consumer demand by providing products like fabrics, rice, garment, Pharma, leather and leather goods which are in high demand globally.

The SVP of FPCCI appreciated that. Russia has already contributed a lot for establishment of Pakistan Steel Mills and can again help Pakistan to revive it which is running in loss. He added that frequent flights between Pakistan and Russia to facilitate the traders and their cargoes.

During the meeting Syed Mazhar Ali Nasir also discussed various issues that are impeding bilateral trade relations of Pakistan and Russia. On his recommendations both sides agreed to resolve customs issues to facilitate traders of both the countries. They further agreed to implement MoU which was signed few years back and formation of joint business council between the two counterparts. They also discussed to enhance cooperation in the field of information sharing, exchange of trade delegations and visa issues.

Syed Mazhar Ali Nasir also said that both the countries should remove existing irritants in the bilateral trade and private sectors should make serious efforts to avail the opportunities at the optimal level.

The meeting was also attended by Dr. Iqbal Thaheem, Secretary General, FPCCI and Mr. Nasir Hamid, Minister of Trade Embassy of Pakistan and Vice President of Chamber of Commerce and Industry of Russian Federation.